Fitch: Nigerian Bank Ratings Sensitive to Sovereign, Operating Environment
LONDON (Capital Markets in Africa): Seven Nigerian bank and two bank holding company Long-Term Issuer Default Ratings (LT IDRs) would be likely to be upgraded if Nigeria’s sovereign LT IDRs (B-/Positive) were upgraded and the entities maintained stable financial profiles, Fitch Ratings says. The Positive Outlooks on the entities’ ‘B-’ LT IDRs mirror that on the sovereign. The entities are Access Bank, Zenith Bank, First HoldCo, First Bank of Nigeria, United Bank for Africa (UBA),…
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